- ETF Activity: Spot Bitcoin ETFs experienced $70 million in weekly inflows, ending a four-week outflow streak. Ether ETFs also turned positive.
- Market Sentiment: Crypto sentiment has improved, moving away from “extreme fear,” with social media indicators showing increased bullishness towards Bitcoin. Analysts suggest Bitcoin may be forming a local bottom.
- Bitcoin Mining: Despite a recent drop, Bitcoin mining difficulty is expected to rise in December. Bitcoin mining activity in China is surging again after a 4-year crackdown.
- Regulatory & Custody: SEC’s Hester Peirce emphasizes that self-custody of assets and financial privacy are fundamental rights.
- Token Unlocks & Warnings: 1.75 million Hyperliquid tokens were unlocked, with the development team addressing concerns about potential selling pressure. Arthur Hayes warned that Monad could crash 99%, labeling it a high-risk “VC coin”.
- Ethereum Developments: Ethereum’s gas limit could potentially triple or even quintuple next year, according to Anthony Sassano.
Analysis:
- The reversal in Bitcoin ETF flows suggests renewed institutional interest, potentially supporting price recovery.
- The debate around self-custody highlights the ongoing tension between regulatory oversight and the core principles of crypto.
- Contrasting views on altcoins like Monad underscore the importance of due diligence in navigating the high-risk, high-reward landscape of emerging crypto assets.